Zebra Technologies Corporation Citi’s 2026 Global TMT Conference

Welcome, Nathan. Great. It is great to be here.

Just to start, we look at physical AI and intelligent automation as a strong multi-year tailwind for the company. Because in any one of those environments, what they ultimately require is accurate real-time information to help guide those systems and provide the intelligence they need, and that is exactly what our portfolio of solutions performs today. If you look at asset visibility, at its core, it is giving an asset a digital voice so you can track it across the supply chain, whether that is a barcode, an RFID tag, or with a machine vision camera. Then we have the tools to help automate those workflows along the way. Again, whether that is enhancing how you scan a package, whether with RFID or doing visual inspection. Now in things with machine vision where we can be the sensing and intelligence for a robotic solution.

We have that with our Photoneo portfolio that is the eyes to a vision-guided robotic picker. Then translating that data back to the hands of a frontline worker with our mobile computing and now Elo portfolio kind of completes the flywheel of giving all the tools our customers need to help increase their ability to get that physical AI capabilities in the hands of their frontline workers. We are really excited about the opportunity that presents for us over the next couple of years.

Yeah. We are really encouraged by the momentum and the progress we have seen today around the AI suite of solutions. I think like many customers are trying to figure out, what is the right place? How do they deploy that technology? It starts with, do you have the right technology in the hands of those frontline workers to introduce those capabilities? In order to do that, you need the next generation of Mobile Computers. As customers are thinking about refreshing their portfolio, there is now a real trade-off on going to a lower-end device versus our now premium devices that have AI capabilities embedded on the device, RFID embedded. Now those are trade-offs you are thinking over the next 3, 5, 7 years, I want those capabilities, so I can deploy the technology out in the front line.

I think that is where we are seeing the most value today is around those trade-offs, around the upgrade and going to the more premium device in their deployments. But if we look at the AI suite, think about the 3 layers. Enablers are just they come with a device. This is the APIs that allow our customers, independent third-party software providers, to easily create applications or agents on their own. You can go up the stack to a blueprint, which puts some of those enablers together and packages that in a way that we can monetize. Think of Picture Proof of Delivery for last mile delivery.

Now you have the lens of the camera, the optics on that dialed in so you can take a great picture of a door and a package, given the lighting around that, using optical character recognition to not only have a good picture from a did the package get delivered and help reduce the claims on the back end, but also completing some of those initial workflows that saves valuable seconds to that last mile delivery driver, to the full-blown companion of whether this is sales enablement, product development, or product enablement on the retail floor. Again, customers are at varying stages of those deployments, but I think what everyone's looking at is, do I have the right technology and capabilities so that I can continue to advance that on that journey? We're helping our customers at various stages along the way.

Again, we're excited about what that can bring and really thinking about how we can be that Frontline AI leader for our customers.

The good thing is we've seen strong demand across the portfolio today. You see that in our results quarter to date. Again, I think the entire portfolio is benefiting from some of the mega trends we see across the industries we serve. But I think a couple of technologies where you have the workflow with AI and our capabilities coming together that I think really are differentiated and are exciting. Machine vision and RFID are both, I think, two great examples of that. Again, closely adjacent technologies that really allow us to help automate different workflows that just weren't possible before in previous technologies in terms of understanding what's fresh in a produce section with RFID. I mean, that's a new capability and use case that quite frankly didn't exist a couple of years ago.

Continuing to invest in both those portfolios, expanding our go-to-market capabilities around both of those is a priority for the company. Also looking at our next generation Mobile Computer, obviously with the opportunity we have in front of us with enabling more Frontline workers with technology so they can take advantage of communication, collaboration, and now the benefits of AI is another top priority. The other one with the Elo acquisition, around touchscreen, Self-Service, Point of Sale. Again, we are seeing a lot of momentum there. The acquisition has been a great add to the portfolio and has been really performing well. Again, think about that as just another form of automating a Frontline workflow, just in a different form factor. That is where we prioritize our investments. Last year, we exited the robotics business.

I think that is just an example of reallocating capital and focus around those technologies where we see real differentiation and market opportunities over the next several years, along with just improving profitability by removing the loss leader.